Deutsche Telekom Meets Its 2021 Targets, Expects to Keep Growing in 2022; Maintaining FVE

Deutsche Telekom met its financial targets for 2021 after having raised them in the third quarter, with adjusted EBITDA (after leases) slightly below the high part of the guided range and free cash flow after leases exceeding expectations. However, shares are tumbling by more than 5% at the time of the writing due to the general market decline following Russia's invasion of Ukraine. We are maintaining our EUR 17 fair values estimate, which implies a 10% upside.